证券研究报告 纺织服饰 | 服装家纺 非金融|首次覆盖报告 hyzqdatemark 2025 年 03 月 05 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | | 日 | | 月 | 03 | | | | 03 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 6.28 | | | | | | | | | | 一 年 最 | 高 | | | 7.48/4.34 | | / | | | 低 | 内 | 最 | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | 16,918.89 | | | | | | | | | | 流通市值（百万元） | | | | 13,869.02 | | | | | | | | | | 总股本（百万股） ...

证券代码：002563 证券简称：森马服饰 公告编号：2025-01 浙江森马服饰股份有限公司 关于公司股东股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江森马服饰股份有限公司（以下简称"公司"）近日接到股东邱坚强先生 的通知，获悉邱坚强先生所持有本公司的部分股份办理了解除质押及质押，具体 事项如下： 一、股东股份解除质押及质押情况 | 股东名 称 | 是否为控股 股东或第一 | 本次解除质 | 占其所持 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 | 押股份数量 | 股份比例 | | | | | | | 一致行动人 | | | 比例 | | | | | 邱坚强 | 是 | 53,000,000 | 14.75% | 1.97% | 2022 年 2 月 | 2025 年 2 | 中国银河证券股 | | | | | | | 24 日 | 月 7 日 | 份有限公司 | | | | 10,000, ...

证券代码：002563 证券简称：森马服饰 公告编号：2024-42 浙江森马服饰股份有限公司 关于公司股东股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江森马服饰股份有限公司（以下简称"公司"）近日接到股东邱坚强先生 的通知，获悉邱坚强先生所持有本公司的部分股份办理了解除质押及质押，具体 事项如下： 一、股东股份解除质押及质押情况 1、股东股份解除质押基本情况 | 股东名 | 是否为控股 股东或第一 | 本次解除质 | 占其所持 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 大股东及其 | 押股份数量 | 股份比例 | 总股本 比例 | 起始日 | 解除日期 | 质权人 | | | 一致行动人 | | | | | | | | 邱坚强 | 是 | 28,000,000 | 7.79% | 1.04% | 2022年12月 | 2024年12 | 中国银河证券股 | | | | | | | 19 日 | 月 18 日 | 份有限公司 | | ...

上海磐明律师事务所 中国上海市浦东新区世纪大道100号 上海环球金融中心15楼T61 邮政编码: 200120 Brightstone Lawyers Suite T61, 15/F, Shanghai World Financial Center No.100 Century Avenue, Pudong New District Shanghai 200120, China Tel 电话: +86 21 6881 5499 www.brightstonelawyers.com 致：浙江森马服饰股份有限公司 关于浙江森马服饰股份有限公司 2024 年第二次临时股东大会的法律意见书 浙江森马服饰股份有限公司（下称"公司"）2024 年第二次临时股东大会（下称"本次股 东大会"）的现场会议于 2024 年 11 月 15 日（星期五）下午 3:00 在上海市闵行区莲花南路 2689 号如期召开，本次股东大会采取现场会议与网络投票结合的方式。上海磐明律师事务 所（下称"本所"）接受公司的委托，指派黄栩、杨露律师（下称"本所律师"）出席本次股东 大会，根据《中华人民共和国公司法》（下称《公司法》）、《中华人民共和国 ...

1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 证券代码：002563 证券简称：森马服饰 公告编号：2024-41 浙江森马服饰股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 上述提案内容详见 2024 年 10 月 31 日巨潮资讯网（www.cninfo.com.cn）的 相关公告。 本次选举后，公司第六届董事会由 9 名成员组成，其中独立董事 3 名。董事 会中兼任公司高级管理人员及职工代表担任的董事人数总计不超过公司董事人 数的二分之一。 三、律师出具的法律意见 浙江森马服饰股份有限公司（以下简称"公司"）于 2024 年 11 月 15 日下 午 3:00 在公司会议室召开公司 2024 年第二次临时股东大会。本次会议以现场会 议和网络投票结合的方式召开，会议通知已于 2024 年 10 月 31 日以公告形式发 出。 出席本次股东大会的股东及股东代表共计 217 名，代表本公司有表决权股份 数 1,719,309 ...

关于公司股东股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江森马服饰股份有限公司（以下简称"公司"）近日接到股东邱坚强先生 的通知，获悉邱坚强先生所持有本公司的部分股份办理了解除质押及质押，具体 事项如下： 一、股东股份解除质押及质押情况 证券代码：002563 证券简称：森马服饰 公告编号：2024-40 浙江森马服饰股份有限公司 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | 股东名称 | 持股数量（股） | 持股比 | 本次质押前质 | 本次质押后质 押股份数量暨 | 累计被标 | 合计占其 | 合计占公 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 例 | 押股份数量 | 累计被质押数 | 记数量 | 所持股份 | 司总股本 | 已质押股份限 | 占已质 | 未质押股份 | 占未质 | | | | | | 量 | | 比例 | 比例 | 售和 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported Q3 2024 revenue of 3.44 billion yuan, with a year-on-year increase of 3.2%, but net profit attributable to shareholders decreased by 36.0% [3][4]. - The company is focusing on solidifying its foundation through comprehensive strategies, controlling discounts, and reducing inventory, which are showing positive results [5]. - The company anticipates a recovery in performance as channel inventory decreases and quality improves, with expected net profits for 2024-2026 being 1.16 billion, 1.33 billion, and 1.46 billion yuan respectively [5]. Revenue Analysis - In Q3, the company achieved a revenue of 3.44 billion yuan, reflecting a 3.2% year-on-year growth, outperforming overall market trends [3]. - Online channels performed better than offline, primarily due to weak foot traffic in physical stores, with growth in live-streaming driving online sales [3][4]. - The children's clothing segment outperformed casual wear, attributed to a faster store opening pace in the children's category [3]. Profitability Analysis - The gross margin in Q3 was 42.4%, down 0.8 percentage points year-on-year, but still at a historical high due to improved online gross margins [4]. - The decline in net profit was mainly due to a 2.0 percentage point increase in operating expenses, with sales, management, R&D, and financial expenses rising [4]. - The company faced a decrease in fair value gains and increased asset impairment losses, impacting profitability [4]. Operational Efficiency - As of Q3, inventory increased by 14.1% year-on-year to 4.17 billion yuan, with inventory turnover days accelerating by 24 days to 180 days [5]. - The company reported a negative net cash flow from operations in Q3, primarily due to increased cash payments for goods [5]. - Accounts payable increased by 1.1 billion yuan year-on-year, but the company maintains a strong cash position, indicating robust risk resistance [5]. Future Outlook - The company is expected to see a recovery in performance as inventory levels decrease and quality improves, with a potential for revenue growth from new store openings [5]. - The projected net profits for 2024-2026 suggest a positive trend, with corresponding price-to-earnings ratios of 14, 12, and 11 times [5].

Company Rating - Buy rating with a current price of 6.09 yuan and a fair value of 7.04 yuan [1] Core Views - The company is a dual leader in domestic casual wear and children's wear, with the Semir brand being the top local casual wear brand and Balabala holding the top market share in children's wear for multiple years [2] - Casual wear business: The brand has undergone a comprehensive renewal, with the introduction of the "New Semir" concept, focusing on comfort, versatility, and national appeal, leading to an upgrade in brand image and product quality [2] - Children's wear business: Benefiting from rational consumption trends, the children's wear segment shows strong long-term growth potential, with Balabala expanding its overseas presence and entering Southeast Asian markets [2] - Online business: Steady growth in e-commerce, with the channel transitioning from inventory clearance to a primary sales channel, achieving higher gross margins and increasing revenue share [3] Financial Performance - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 13,331 million yuan, 13,661 million yuan, 15,053 million yuan, 16,587 million yuan, and 18,296 million yuan, respectively, with growth rates of -13.5%, 2.5%, 10.2%, 10.2%, and 10.3% [1] - Net profit attributable to the parent company for the same periods is 637 million yuan, 1,122 million yuan, 1,264 million yuan, 1,491 million yuan, and 1,730 million yuan, with growth rates of -57.1%, 76.1%, 12.7%, 17.9%, and 16.0% [1] - EPS for 2024E, 2025E, and 2026E is forecasted at 0.47 yuan, 0.55 yuan, and 0.64 yuan, respectively [1] Business Overview - The company operates in both casual wear and children's wear, with Semir and Balabala as its flagship brands, targeting mass-market families and children aged 0-14, respectively [11] - The company also owns and operates multiple other brands, including MarColor, MiniBala, Heyjunior, Semirkids, and Aiken, covering various segments from infant wear to school uniforms and casual wear [12][13] - The company has a diversified brand portfolio, including licensed international brands such as Juicy Couture, Marc O'Polo, Asics Kids, and Puma Kids, enhancing its market presence and product offerings [15] Historical Development - The company was founded in 1996, initially focusing on casual wear, and later expanded into children's wear with the launch of Balabala in 2002 [19] - The company has gone through several phases of growth, including rapid expansion through franchising, inventory management during industry downturns, and supply chain reforms to improve responsiveness [20][21] - Post-pandemic, the company has focused on brand renewal and channel optimization, with both casual wear and children's wear segments showing recovery and growth [23] Profitability and Financial Health - The company's gross margin has steadily increased from 29.52% in 2008 to 46.1% in 2024H1, driven by improvements in product quality, functionality, and brand strength [28] - The children's wear segment has a significantly higher gross margin compared to casual wear, contributing to the overall profitability of the company [28] - The company maintains a low debt-to-asset ratio of 32.6% as of 2024H1, with strong cash reserves and a stable financial position, supporting future growth and investment [32] Industry Analysis - The adult casual wear market in China is substantial, with a market size of 16,730 billion yuan in 2023, showing a growth rate of 1.7% [48] - The competitive landscape in the casual wear industry is improving, with market share increasingly concentrated among leading brands such as Semir, UR, and Peacebird [49] - Semir's product positioning and pricing strategy are more aligned with mass-market consumers, with a focus on comfort and versatility, similar to Uniqlo, while other brands like ZARA and H&M target more fashion-forward segments [49][52] Strategic Initiatives - The company has implemented multiple equity incentive plans and employee stock ownership plans to motivate and retain key talent, demonstrating confidence in future growth [42][44] - The company has a high dividend payout policy, with an average payout ratio of 74% since its IPO, reflecting a strong commitment to shareholder returns [46]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][10]. Core Views - The company reported a 3.2% year-on-year increase in revenue for Q3 2024, reaching 3.44 billion yuan, outperforming peers. However, net profit decreased by 36.0% year-on-year to 200 million yuan, with a net profit margin of 5.9%, down 3.6 percentage points year-on-year [1][8]. - The company is focusing on brand building and product quality improvement, which is expected to benefit its long-term performance despite short-term pressures from increased costs and expenses [1][8]. - The company has increased its inventory by 14.1% year-on-year to 4.17 billion yuan, with improved inventory turnover efficiency, reducing turnover days by 24 days to 180 days [1][8]. Financial Forecasts - Revenue projections for 2024-2026 are adjusted to 1.10 billion, 1.25 billion, and 1.39 billion yuan respectively, reflecting a slight decrease in 2024 but growth in subsequent years [1][9]. - The reasonable valuation range for the company has been raised to 6.5-7.0 yuan, corresponding to a 14-15x PE for 2025 [1][9][10]. - The company maintains a strong market position in the casual and children's apparel sectors, achieving industry-leading growth despite a weak macro consumption environment [1][8].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][3]. Core Insights - The company reported a revenue of 9.399 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 5.62%. However, the net profit attributable to shareholders decreased by 9.25% to 755 million yuan [2]. - In Q3 2024, the company achieved a revenue of 3.444 billion yuan, a year-on-year increase of 3.15%, but the net profit attributable to shareholders fell significantly by 35.97% to 203 million yuan [2]. - The gross margin for the first three quarters of 2024 was 44.77%, up from 44.13% in the same period last year, while the net margin decreased to 8.01%, down 1.32 percentage points year-on-year [2]. - The report highlights a notable increase in inventory, with net inventory amounting to 4.168 billion yuan, a year-on-year increase of 14.10% [2]. Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 14.58 billion, 15.79 billion, and 17.00 billion yuan, representing year-on-year growth rates of 7%, 8%, and 8% respectively [3]. - The forecasted net profit attributable to shareholders for the same period is projected to be 1.111 billion, 1.300 billion, and 1.452 billion yuan, with a slight decrease of 1% in 2024, followed by increases of 17% and 12% in 2025 and 2026 respectively [3]. - The report indicates that the company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated to be 14.8, 12.6, and 11.3 times respectively [3].